The Crypto Daily – The Movers and Shakers – August 14th, 2020
Bitcoin, BTC to USD, rose by 1.98% on Thursday. Following on from a 1.59% gain on Wednesday, Bitcoin ended the day at $11,798.0.
It was a mixed start to the day. Bitcoin rose to an early morning high $11,658.5 before hitting reverse.
Falling short of the first major resistance level at $11,747, Bitcoin slid to a late morning intraday low $11,274.5.
Finding support at the first major support level at $11,274, Bitcoin moved back through to $11,500 levels going into the afternoon.
Through the 2nd half of the day, Bitcoin rallied to a late intraday high $11,811.0 before easing back.
Bitcoin broke through the first major resistance level at $11,747 to wrap up the day at $11,790 levels.
The near-term bullish trend remained intact, supported by the latest move through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day for the majors on Thursday.
Tezos and Stellar’s Lumen fell by 5.00% and by 0.10% to buck the trend.
It was a bullish day for the rest of the majors, however.
Tron’s TRX (+11.27%) and Ethereum (+9.73%) led the way.
Bitcoin Cash ABC (+3.00%), Bitcoin Cash SV (+2.66%), EOS (+3.74%), Litecoin (+4.84%), Monero’s XMR (+2.99%), and Ripple’s XRP (+4.51%) also found strong support.
Binance Coin (+1.30%) and Cardano’s ADA (+2.12%) trailed the front runners on the day.
In the current week, the crypto total market cap rose to a Monday high $361.38bn before falling to a Tuesday low $328.26bn. At the time of writing, the total market cap stood at $355.24bn.
Bitcoin’s dominance rose to a Monday high 62.63% before sliding to a Thursday low 60.48%. At the time of writing, Bitcoin’s dominance stood at 61.11%.
This Morning
At the time of writing, Bitcoin was down by 0.33% to $11,759.0. A mixed start to the day saw Bitcoin rise to an early morning high $11,848.5 before falling to a low $11,737.5
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
EOS (-0.04%), Litecoin (-0.59%), Monero’s XMR (-0.43%), and Tezos (-0.62%) joined Bitcoin in the red.
It was a bullish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA was up by 0.90% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $11,628 pivot to support a run at the first major resistance level at $11,981.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $11,848.5.
Barring an extended crypto rally, the first major resistance level and resistance at $12,000 should cap any upside.
In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $12,164 before any pullback.
Failure to avoid a fall through the $11,628 pivot level would bring the first major support level at $11,445 into play.
Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$11,500 levels. The second major support level sits at $11,091.
This article was originally posted on FX Empire
